GBP/JPY – 1H – SELLThe currency pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline downwards
A descending movement downwards to the next support level at 194.05400 will continue.
Caution: A possible trend reversal in the direction of the resistance line at 197.51500 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bearish Belt Hold’ candle pattern is found. The candles show ‘Bearish Belt Hold’. this is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Belt Hold’ heading down is 68% (Bull Market) & 69% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 198.94600 |
| Next High | 197.51500 |
| Current Price | 195.08300 |
| Next Low | 194.05400 |
| 2nd Low | 193.62500 |
| 3rd Low | 192.85100 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bearish Belt Hold